Facebook acquires photo-sharing app Instagram for $1 billion

Mark Zuckerberg took to Facebook to announce that his company has
agreed to acquire photo-sharing service Instagram for $1 billion in “a
combination of cash and shares of Facebook”. The entire Instagram team —
6 employees — will be joining Facebook.
Zuckerberg says that Instagram will be built and grown
“independently” and that its integration with other services is an
“important part of the experience.” Over at the Instagram blog,
CEO Kevin Systrom also announced that Instagram had agreed to be
acquired, confirming that “you’ll still be able to share to other social
networks.”